This global portfolio is supervised by Capital Dynamics. Purchases/sales are based on the daily closing prices. The date of purchase and sale can be any day. The objective of this portfolio is capital appreciation and the emphasis will be on medium and long-term investments. The investment approach used by Capital Dynamics is what we term as “intelligently eclectic”. There are no restrictions on the type of shares or stock exchanges that will be invested in. It started with US$100,000,000 cash on 4 January 2007. The reporting currency will be US$.